Top reasons for Brent Cross lease extension
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Main reasons to start your Brent Cross lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/brent-cross">Brent Cross</a> property value </h4>
<p> There is no doubt about it a leasehold flat or house in Brent Cross is a wasting asset as a result of the diminishing lease term. Where the lease has, over 125 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Many flat owners in Brent Cross will meet the qualifying criteria; nevertheless a lawyer can advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
<h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold properties in Brent Cross with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it. <h4>Lending institutions may decide not to grant a mortgage with a short lease</h4> Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that many flats in Brent Cross were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.
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<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<h4> Get in touch with one of our Brent Cross lease extension solicitors or enfranchisement solicitors
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Lease extensions in Brent Cross can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.
<p>We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Brent Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Brent Cross Lease Extension Case Summaries:
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<h5> Chloe, Brent Cross, North London,</h5>
<p> Subsequent to protracted negotiations with the freeholder of her two bedroom flat in Brent Cross, Chloe initiated the lease extension process as the 80 year threshold was swiftly advancing. The lease extension was finalised in August 2014. The freeholder’s fees were negotiated to slightly above 700 pounds.
<h5>Brent Cross case:</h5>
<p> Dr Benjamin Parker completed a garden flat in Brent Cross in March 2001. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical properties in Brent Cross with a long lease were worth £295,000. The average ground rent payable was £45 collected annually. The lease ended in 2101. Considering the 75 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.
<div> <h5>Decision in Barnet</h5>
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An example of a Lease Extension decision for a Brent Cross residence is
First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100).
This case was in relation to 1 flat. The unexpired term was 71 years.
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